What is meant by the demographic transition? What are the differences in the demographic transition between the current developed economies and developing countries?
What will be an ideal response?
The answer is discussed in the text in section 6.3.
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According to the reflection effect
A) people think harder about losses than about gains. B) people become more risk preferring over time. C) attitudes toward risk are reversed for gains versus loses. D) subjective probabilities on riskier outcomes are weighted heavier than on less risky outcomes.
If your income increases from $30,000 to $35,000 and your consumption increases from $11,000 to $12,000 . your marginal propensity to consume (MPC) is:
a. 0.2. b. 0.4. c. 0.5. d. 0.8. e. 1.0.
Net exports are
A. the smallest component of GDP. B. income after taxes. C. the largest component of GDP. D. included in government spending.
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries?
A. Sheila B. Sheila and Jim C. Jim D. Neither of them